Etihad Airways is the flag carrier airline of the United Arab Emirates along with Emirates Airlines with its head office is in Khalifa City A, near Abu Dhabi. Established by royal decree in July 2003, Etihad commenced operations in November 2003. The name derives from the Arabic word for "union" (الإتّحاد al-ittiḥād). The airline operates more than 1,000 flights per week to 96 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas, with a fleet of 105 Airbus and Boeing aircraft. In 2012, Etihad carried 10.3 million passengers, a 23% increase from the previous year, delivering revenues of US$4.8 billion and net profits of US$42 million. Etihad Airways is the fourth largest airline in the Middle East and it is the second largest airline in the UAE, after the Dubai-based airline Emirates. Its main base is Abu Dhabi International Airport. In addition to its core activity of passenger transportation, Etihad also operates Etihad Holidays and Etihad Cargo. Etihad reported its first full-year net profit in 2011, of US$14 million, in line with the strategic plan announced by CEO James Hogan in 2006. In December 2011, Etihad announced it had taken a 29.21% stake in Air Berlin, Europe's sixth largest airline, and James Hogan was appointed Vice Chairman. It followed this up with minority stakes in other airlines-Air Seychelles (40%), Aer Lingus (2.987%), Virgin Australia (10%). Also, Etihad is close to acquiring 24% stake in Indian carrier Jet Airways. On August 1, 2013, the President of the company, James Hogan, signed a deal with Aleksandar Vučić, First Deputy Prime Minister of Serbia, in Belgrade, giving Etihad a 49% stake in the Serbian national carrier Jat Airways/Air Serbia. The Serbian Government retained 51% of the shares. Among numerous terms of the deal, a complete re-branding of Jat Airways was planned, including a name change. The new company is named Air Serbia.At the 2013 Dubai Airshow, Etihad announced that it was acquiring a 33.3% stake in the Swiss carrier Darwin Airline. Darwin was rebranded as Etihad Regional from March 2014. On August 1, 2014, Etihad agreed to take a 49% stake in the troubled Italian flag carrier Alitalia for an estimated sum of 560 Million Euros. The deal with Alitalia has been closed on August 8, 2014.